Data science & analytics: the top priority for financial leaders in 2019

Data science & analytics: the top priority for financial leaders in 2019

Managing Director at Procura Consulting

In finance and procurement, data is paramount to success

Six out of ten finance leaders place leveraging data science and analytics for strategic insights and tactical decision making as top priorities for the coming year.

The ability to utilise data analytics and “big data” to achieve a competitive advantage and manage operations and strategic plans ranks among the top issues for board members and C-suite executives worldwide.

According to Protiviti’s latest Finance Trends Survey; analysis, strategic planning capability and profitability insight are top priorities for finance leaders going into 2019. These top priorities are the foundations of procurement excellence and all have some link with data, with enhanced data analytics highlighted as very important by 62% of CFOs. The paper surveyed close to 400 finance leaders and professionals, including CFOs, vice presidents of finance, and a broad range of finance directors and managers, data is the dominant theme in the finance landscape.

The quality challenge

One key area that CFOs and finance leaders are struggling to manage is data quality.

For the delivery of procurement excellence this has always been (and remains) a challenge.

Further reading

High quality spend data is the basis for the core procurement processes; from strategic planning to supplier management, category management and contract management, through sourcing and negotiation to compliance, governance and reporting.... Continue reading

According to the Big Data Dilemma Inquiry, a shocking 90% of data currently available in the world was generated in the last few years. Organisations leveraging this data are on average 10% more productive than those who don’t... Continue reading